Company news

Updated: October 16, 2012 - 9:31 PM

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MERGERS AND ACQUISITIONS

C.H. Robinson Worldwide Inc., Eden Prairie, has sold its payment services business, T-Chek Systems Inc., to Electronic Funds Source (EFS) for $302.5 million in cash. T-Chek has 190 employees, most of whom are based in Minnesota. EFS expects to retain a Minnesota presence, and T-Chek's management will assume key roles in the combined organization. Prior to the sale, C.H. Robinson purchased services from T-Chek, including services to advance funds to C.H. Robinson's contract carriers, and employee expense card services. C.H. Robinson has entered into a contract to purchase those services from EFS.

PERSONNEL

Northern Oil and Gas Inc., Wayzata, terminated the employment of Chief Operating Officer James Sankovitz and said it does not intend to fill the position of COO at this time. Sankovitz had been with Northern Oil and Gas since 2008 and had been COO since March 2010.

Securian Financial Group, St. Paul, promoted Christopher Sebald to president of its investment-management subsidiary, Advantus Capital Managment. Sebald succeeds Robert Senkler as president of Advantus, which has $24 billion in assets under management. Senkler continues as CEO of Securian Financial.

Andersen Corp., Bayport, named Jay Lund chairman of the board. Lund, president and CEO of the company, replaces Jim Humphrey, who officially retires from his board role on Feb. 22, as part of a planned transition.